Five Below secondary offering increased

PHILADELPHIA (AP) — Five Below's secondary stock offering is being increased to about 11.3 million shares.

Earlier this month the chain said that certain shareholders — including some of its management and board members — may sell up to 8.1 million shares of its stock. This included 7 million shares with the option for another 1.1 million to be sold to cover any excess demand.

Five Below Inc., which sells toys, candy and other products to teens and pre-teens for under $5, said Wednesday that the selling shareholders are now giving the underwriters a 30-day option to buy up to an additional 1.7 million shares.

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The offering is priced at $35.65 a share, which is slightly below the $35.90 it closed at on Tuesday.

Five Below will not receive any of the offering's proceeds.

The Philadelphia company also announced earlier this month that it was raising its fourth-quarter forecast for adjusted earnings. Five Below said on Jan. 15 that it expects to earn 36 to 38 cents per share on an adjusted basis for the period that ended Jan. 12, versus its prior forecast of earnings between 35 and 37 cents per share.

Analysts polled by FactSet are now expecting the company to earn 39 cents per share.